Land and Buildings Transaction Tax (Scotland) Act 2013 section Schedule 7 para 16

Exclusion of alternative finance relief where group, reconstruction or acquisition relief applies

Schedule 7 paragraph 16 prevents the alternative property finance reliefs (set out in paragraphs 2 to 12) from applying where group relief, reconstruction relief or acquisition relief is either available for, or has been withdrawn from, the first transaction in the arrangements.

• Alternative property finance relief under paragraphs 2 to 12 of Schedule 7 cannot be used where group relief, reconstruction relief or acquisition relief is available for the first transaction in the arrangements.
• The exclusion also applies where any of those reliefs has been withdrawn from the first transaction.
• This prevents taxpayers from claiming alternative finance relief in circumstances where the transaction already falls within the scope of another category of relief, or where such relief has been clawed back.
• The rule ensures there is no overlap or double benefit between alternative property finance relief and the group, reconstruction or acquisition relief regimes.